Empress Company provided the following data for the current year: Retained earnings, January 1 Dividends declared Sales Dividend income Inventory, January 1 Purchases Salaries Contribution to employees' penaion fund Delivery Miscellaneous expense Doubtful accounta expense Depreciation expense Loss on aale of investment Income from discontinued operation, net of tax Income tax expense Inventory on December 31 at cost Net realizable value of inventory 3,000,000 1,000,000 8,400,000 100,000 1,000,000 3.700,000 1,540,000 300,000 200,000 120,000 10,000 80,000 100,000 500,000 150,000 850,000 700,000 1. What amount should be reported as cost of goods sold? a. 3,850,000 b. 4,000,000 c. 4,150,000 d. 4,700,000 2. What amount should be reported as total expenses before income tax? a. 2,350,000 b. 2,500,000 C. 2,260,000 d. 2,050,000 3. What amount should be reported aa net income for the current year? a. 2,000,000 b. 2,500,000 c. 1,500,000 d. 2,650,000 4. What amount should be reported an retained earnings on December 317 a.4,000,000 b. 4,500,000 C. 3,500,000 d. 4,650,000

Empress Company provided the following data for the current year: Retained earnings, January 1 Dividends declared Sales Dividend income Inventory, January 1 Purchases Salaries Contribution to employees' penaion fund Delivery Miscellaneous expense Doubtful accounta expense Depreciation expense Loss on aale of investment Income from discontinued operation, net of tax Income tax expense Inventory on December 31 at cost Net realizable value of inventory 3,000,000 1,000,000 8,400,000 100,000 1,000,000 3.700,000 1,540,000 300,000 200,000 120,000 10,000 80,000 100,000 500,000 150,000 850,000 700,000 1. What amount should be reported as cost of goods sold? a. 3,850,000 b. 4,000,000 c. 4,150,000 d. 4,700,000 2. What amount should be reported as total expenses before income tax? a. 2,350,000 b. 2,500,000 C. 2,260,000 d. 2,050,000 3. What amount should be reported aa net income for the current year? a. 2,000,000 b. 2,500,000 c. 1,500,000 d. 2,650,000 4. What amount should be reported an retained earnings on December 317 a.4,000,000 b. 4,500,000 C. 3,500,000 d. 4,650,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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